Does social media really have any influence on consumer buying decisions? The controversial headline of a floor covering newspaper article is exclaiming that social media's influence on consumer buying decisions is simply a myth.
Introduced as 'The most provocative article in its study this year', it is inviting a healthy debate about 'The myth of social media.' According to the study, 18,000 consumers said friends and family influence their buying decisions.
Should the study findings influence media professionals into recommending clients reduce promotional funding allocated for social media in future years?
American companies spent appoximately $13 billion on social media in 2013 and are expected to spend about $18 billion by 2018 according to BIA/Kelsey. BIA/Kelsey is predicting a social media spending increase of $5 billion, yet Gallup is reporting 18,000 people believe social media's influence on buying decisions is a myth. Are media professionals expected to make poor media buying decisions or is it likely 18,000 people in the study are not yet fully aware of the influence social media is having on buying decisions?
Social media spending is on the rise transforming how friends and family communicate, in ways not believed possible beforehand. If social media's influence on consumer buying decisions is simply just a myth, which type of media is likely to have a greater influence on consumer buying decisions?
Some media professionals sense something doesn't jell here. If not social media, what media should the media professionals recommend? Consumers said friends and family are the ones who influence their buying decisions the most; the same consumers who routinely use social media to connect, communicate and influence each other. Could it be said that the media professionals are making the right decision recommending social media?
It would seem so. A social media network recently reported an increase in advertising revenue for the third quarter of 2015. The headline reads: "Facebook's advertising revenue leaves doubters in the dust", USA Today, Money, Page 4b, Asbury Park Press (Friday, November 6, 2015). Anyone in the business of selling advertising, who believe in the myth of social media, find themselves reevaluating their beliefs after reading about advertising revenue increases a social media network is reporting in the above article.
Social media influences consumer buying decisions in ways that few of us are even aware of yet. Consider what we do not know yet about social media before interpreting what this Gallup study is suggesting to influence the buying decisions of media professionals.
Media buyers beware that regardless of what consumers are saying in the Gallup study, BIA/Kelsey expects media professionals to increase social media spending. These increases are coming from somewhere unless there is an increase in the advertising budget. Without budget increases, are spending increases for additional social media spending made at the expense of traditional media? Given this likelihood, should the media professionals recognize newspapers are motivated to validate 'The myth of social media'?
When debating the myth of social media, read what the following article has to say about social media and how it influences consumer buying decisions. Media professionals who believe in the myth of social media might be inclined to change their minds after reviewing some of their convincing counterpoints.
'Is Social Media the Biggest Influencer of Buying Decisions?' Masroor Ahmed
Over the years, social media has systematically graduated from a place where people go to catch up and engage in chitchat with friend and colleagues to the holy grail of marketing for most businesses, as well as a place where entrepreneurs and professionals signup to network. - See more at: http://www.socialmediatoday.com/marketing/masroor/2015-05-28/social-media-biggest-influencer-buying-decisions#sthash.iXI1RzH1.dpuf
The powerful business tool social media has transitioned into now allows most businesses to influence consumer buying decisions. Read the above article. Growing a business? Learn more about the potential of social media!
Over the years, social media has systematically graduated from a place where people go to catch up and engage in chitchat with friend and colleagues to the holy grail of marketing for most businesses, as well as a place where entrepreneurs and professionals signup to network. - See more at: http://www.socialmediatoday.com/marketing/masroor/2015-05-28/social-media-biggest-influencer-buying-decisions#sthash.iXI1RzH1.dpuf
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